On May 4, 2025, the Politburo of Vietnam issued Resolution No. 68-NQ/TW, outlining a new policy direction to support the country’s private sector. The resolution affirms the role of private enterprises as a key driver of Vietnam’s economy.
Currently, the private sector accounts for over 50% of GDP and employs around 82% of the national workforce. However, most businesses are small or medium-sized and face challenges such as limited access to technology, capital, and international markets. Resolution 68 aims to address these limitations and foster a more dynamic business environment.
By 2030, the government targets 2 million registered businesses, contributing 55–58% of GDP and 35–40% of state budget revenue. It also aims for higher productivity, deeper integration into global supply chains, and improved innovation capacity.
To support these goals, the resolution proposes several reforms:
- Simplifying administrative procedures and reducing compliance costs.
- Ensuring fair access to land, credit, and technology.
- Abolishing the lump-sum tax for household businesses by 2026.
- Promoting innovation, digital transformation, and green growth.
- Enhancing legal protections for entrepreneurs.
The resolution also calls for a more supportive business culture, including public communication that recognizes the contributions of private enterprises.
Resolution 68 sets a clear path for long-term development of Vietnam’s private sector. Implementation will require coordinated action from central and local authorities, as well as ongoing legal and institutional reforms. The resolution is expected to help unlock the full potential of private enterprises in contributing to national growth and international competitiveness.
